Independent Banker - March 2023 - 56

TAKING ADVANTAGE OF M&A DISRUPTION
If a local competitor is involved in an M&A deal, it opens the door wide
for your community bank to better establish and develop customer and
employee relationships.
For customers who may be thinking about leaving a bank but are reluctant
to do so, a merger or acquisition can trigger them to action. " Changes
that M&A bring about to operating procedures, new faces and different
ways of doing business spurs people to make a move, " says Emily Mays,
vice president, chief administrative officer and senior marketing director
at $185 million-asset Community Spirit Bank in Red Bay, Ala. " This organic
opportunity is prime timing to attract them to your institution. "
Community Spirit Bank recently ramped up its marketing following the
announcement of a potential sale of one of its direct competitors. There
were rumors swirling about who was going to come in and buy the bank,
which was making both employees and customers nervous, notes Mays. " We
wanted to do some front-of-mind marketing in case they are considering a
change, or maybe they're not happy that their bank is being sold, " she says.
Community Spirit Bank focused on digital marketing and social media
marketing. It invested in paid digital ads and made a concentrated effort
to post more frequently on social media about its involvement in the
community. " We're always making sure that we're telling that story of the
bank being a living and breathing part of the community in any way that we
can, " says Mays. Consistent messaging and boosting ads expand the reach,
and geotargeting amplifies your message to the specific market that you
have opportunity in, she adds.
Be proactive with outreach
Targeted or direct marketing can also help capture specific clients or
business lines. " Nine out of 10 times, the greatest opportunity is going to
come in the small business commercial banking arena, " says Tim Pannell,
president and CEO of FMS Consulting. " That is where disruption can be
most impacted. "
To capitalize on that disruption, banks need to be more aggressive
on marketing outreach, making more calls and working their centers of
influence. Personalizing those marketing efforts as much as possible also
helps banks connect with customers and create new relationships.
Research also can enhance your marketing strategy. What is the customer
base of the bank being acquired, and what do you know about the acquiring
bank, its processes and perhaps its track record on previous acquisitions?
Banks that are in the same marketplace have an opportunity to collect
information from checks they may be processing from competitor banks and
send marketing letters to those potential customers.
" Basically, it's about letting them know that if this disruption is displeasing,
you still have a community bank that is here for you, " Pannell says.
56 // ICBA Independent Banker // March 2023
Independent Banker - March 2023

Table of Contents for the Digital Edition of Independent Banker - March 2023
